Hello Chasers,
This blog post is a quick reminder of the due date for the payment of the March 2023 Quarter Superannuation Guarantee (‘SG’) for your Team.
We often get telephone calls from upset customers who have not been paid their SG entitlements and advise them of their legal rights to get these payments corrected. We point them to the ATOs recovery action process because the SG is actually part of their remuneration and must be paid – it is not the employers money! The employer doesn’t have any discretion whether to pay it on time or not.
Employers are reminded that the SG obligation for the 1 January 2023 to 31 March 2023 quarter is due by 28 April 2023.
If the correct amount of SG is not paid by an employer on time, they will be liable to pay the SG charge, which includes a penalty and interest component.
As a reminder, from 1 July 2022, the compulsory SG rate increased to 10.5% (previously 10%).
The compulsory SG rate will increase again to 11% for the period 1 July 2023 to 30 June 2024. So now might be a good time to ensure your payroll systems are updated by the start of the next income year. If you are a Xero subscriber (you made the best decision by the way – well done!) this will be done automatically for you.
Read more of our daily blogs for valuable insights and stay up-to-date with the latest industry news – click here to access the full article on our blog page.
